Bitcoin Can 'Hit' $500,000 by 2029, Says VanEck's Matthew Sigel Provided the Cycle 'Plays Out as Usual'

VanEck’s Head of Digital Asset Research Matthew Sigel reiterated on Thursday his $100,000 Bitcoin price target for 2027, adding that $500,000 by 2029 is also plausible if the cycle “plays out as usual.”Sigel Says BTC Surge Tied to Treasury MovesDuring an interview with CNBC, Sigel said that Bitcoin’s ongoing surge is not linked to the CLARITY Act, but entirely linked to the that it would double its long-term bond buybacks.Traders immediately, sending yields lower and the dollar index lower.“It is reigniting these fears of fiscal dominance,” Sigel said. “As the Treasury finances more of that debt on the short end, it hits the fiscal balance immediately. It makes keeping rates high increasingly expensive.”Sigel said that the announcement has led the market to prIce in a “structurally weaker dollar, and Bitcoin is “one of the best hedges” for that dynamic.Sigel Predicts $500,000 for Bitcoin in 2029When asked to comment on Bitcoin’s next moves, Sigel said he’s confident the cryptocurrency will hit $100,000 next year.“It feels like if we get the real money stepping in, maybe we’ll go higher,” he added. “Long term, 2029, say we can hit $500,000 if the cycle plays out as usual.” Read Also: Bitcoin Races Past $75,000Sigel’s predictions come amid a positive climate for cryptocurrencies. Bitcoin  for the first time in nearly three months.“Greed” sentiment prevailed in the market, according to the Crypto Fear & Greed Index, while over $750 million in Bitcoin short positions were wiped out.Coinbase Global Inc. (NASDAQ: COIN) CEO Brian Armstrong sees the year-long cryptocurrency spot trading bear market finally nearing its end.Price Action: At the time of writing, BTC was exchanging hands at $75,369.72, up 8.66% in the last 24 hours, according to data from Benzinga Pro. Read Also: If You Invested $100 in Bitcoin After Crypto Was First Mentioned on TV, Here’s How Much You’d Have Now Photo: Piotr Swat via Shutterstock